Tools & Calculators

Purchase Investments:

+ Products and services may be offered by Royal Bank of Canada or by a separate corporate entity affiliated with Royal Bank of Canada, including but not limited to Royal Mutual Funds Inc., RBC Direct Investing Inc. (Member–Canadian Investor Protection Fund), RBC Global Asset Management Inc., Royal Trust Company or The Royal Trust Corporation of Canada

RRSP Contribution Limits

There are contribution limits on RRSPs; to find out the exact amount you can contribute to your RRSP for the current year, check on your most recent the Notice of Assessment you received from Canada Revenue Agency.

You may contribute to your RRSP until December 31 of the year in which you reach age 71. The following limits and deadlines apply annually.

Maximum Annual RRSP Contribution Limits

Year

Contribution limit

2011

$22,450

2012

$22,970

2013

$23,820

2014

$24,270

2015

$24,930

Your allowable RRSP contribution for the current year is the lower of:

18% of your earned income from the previous year, or

The maximum annual contribution limit for the taxation year, or

The remaining limit after any company sponsored pension plan contributions.

Earned income includes salary or wages, alimony received, and rental income, among other income sources, but does not include items such as investment income.

Company Pension Plan or Deferred Profit Sharing Plan – As a member of a company–sponsored registered pension plan or deferred profit sharing plan, the amount that you can contribute to your RRSP must be reduced by the total value of the pension credits you earned for the year.

This amount is referred to as a pension adjustment (PA) and it is reported on the T4 slip (Statement of Remuneration Paid) that you receive from your employer.

Annual Contribution Deadline – To be eligible for an RRSP deduction in a specific taxation year, you can make contributions anytime during the year, or up to 60 days into the following year.